Office of the City Clerk - Record #: O2020-6247

• Record #: O2020-6247
• Type: Ordinance
• Status: Passed
• Intro date: 12/16/2020
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 1/27/2021
• Title: Support of Class 6(b) tax incentive for property at 825 S Kilpatrick Ave
• Sponsors: Lightfoot, Lori E.
• Topic: TAX INCENTIVES - Class 6(b)

Date	Journal Page Number	Action By	Action	Result
1/27/2021	26585	City Council	Passed	Pass
1/21/2021		Committee on Economic, Capital and Technology Development	Recommended to Pass
12/16/2020	24755	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT MAYOR

December 16, 2020






j i
TO THE HONORABLE, THE CITY COUNCIL i OF THE CITY OF CHICAGO i


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith an ordinance authorizing a Class 6B tax status for property located at 825 South Kilpatrick Avenue.

Your favorable consideration of this ordinance will be appreciated.

ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois authorized to exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, the Cook County Board of Commissioners has enacted the Cook County Tax Incentive Ordinance, Classification System for Assessment, as amended from time to time (the "County Ordinance"), which provides for, among other things, real estate tax incentives to property owners who build, rehabilitate, enhance and occupy property which is located within Cook County, Illinois and which is used primarily for industrial purposes; and
WHEREAS, the City, consistent with the County Ordinance, wishes to induce industry to locate and expand in the City by supporting financial incentives in the form of property tax relief; and
WHEREAS, K Town Business Centre, LLC, an Illinois limited liability company (the "Applicant"), owns certain real estate located generally at 825 South Kilpatrick Avenue, Chicago, Illinois, as further described on Exhibit A hereto (the "Subject Property"); and
WHEREAS, the Applicant has contructed an approximately 60,000 square foot industrial facility located on the Subject Property; and
WHEREAS, the redevelopment objective of the City in connection with the Subject Property is to support the retention of jobs and/or creation of new jobs and increase the City's tax base through the construction of a new industrial facility on the Subject Property; and

WHEREAS,...